Game over: Kanye West likely to win digital currency lawsuit

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MichaelLawrie_114263101KW192_2011_amfAR_s_2011-05-19.jpg Game over: Kanye West likely to win digital currency lawsuit Game over: Kanye West likely to win digital currency lawsuit Kanye WestLet’s get y’all up to speed real quick before divulging the juicy details of a new Kanye West lawsuit…

So, Bitcoin is referred to as a new kind of digital currency whose value is determined by how much people are willing to exchange it for. It is nothing like online wallets like Paypal to Western Union, Bitcoin is currency. To process them, a procedure called ‘mining’ takes place which involves a PC solving a hard math problem with a 64 digit solution. For each problem solved correctly, one block of bitcoins is processed and the ‘miner’ is rewared. So essentially it’s an incentive for people to provide PC processing power to solve the problems. With over 10 million bitcoins in existence, the process gets quite technical, with Bitcoin wallets, private data bank accounts, it’s a whole other world out there it seems.

Now a company announced early in January, that they’d come up with Coinye West bitcoins which they termed ‘cryptocurrency for the masses’. The creators who remain anonymous told music website Noisey: “I can picture a future where Coinye is used to buy concert tickets, with cryptographically verified virtual tickets, and other ideas I can’t give away just yet.” With plans to launch the currency on 11 January, the company was warned about using this virtual currency without testing it first. Virtual currencies have also been linked to the purchase of illegal items as well because the transactions were hard to trace.

Kanye west was not involved in this initiative at all – and you know Kanye go H.A.M when his person is violated in any way. Having now taken the matter to court to stop the virtual coins and seek unspecified damages, a NY judge said that West’s lawyers can do the research necessary to learn the identities of the creators of digital currency. The judge said there’s a likelihood West would succeed with his claims.

  • Dan

    This is a very biased article, you should feel bad. #coinye4lyf

  • lol

    This is not some company and kanye west is not involved in that. This coin was build by some guy who scared about suing by email sent by kanye lawyers. Coin is still alive, they changed an icon and name of this coin and no one won this war, because it’s not a war.

  • burt

    Another blog that completely fails to understand the workings, impact and disruptiveness of cryptocurrencies.

    The coinye is out there, doing fine and can not be stopped. The original developer (NOT a company, and the guy is apparently still anonymous) is believed to have abandoned the project, but the blockchain is uninterrupted and the network is growing by the hour. New developers are working on all kinds of support. Most of them stay anonymous or otherwise out of Kanye West’s legal reach.

    The mere fact that this altcoin is fighting censorship makes it a very interesting experiment. Most of the people mining it are at the very least curious of how this will play out.

    If anything: The Coinye is NOT dead.